Individuals today on average possess multiple financial accounts, such as bank accounts, credit card accounts, and retirement plan accounts. Each account has its own identification information (i.e. account number, routing number) that is required by a Third Party to access the individual's account, whether they are crediting or deducting from the account. When an individual changes any one of their financial accounts, such as switching their bank account to another institution, they must notify all third parties who had access to that account of the new information in order to ensure that their affiliation with the Third Party is kept active. It is a laborious task to notify each Third Party and enter the new financial institution's name, address, routing number, account number, etc. There is also the possibility that the individual will overlook notifying a Third Party, especially if they have only an occasional transaction with them (i.e. yearly membership fees). The repercussions to the individual can be serious if a Third Party is unable to make a deduction from an account that has been closed, or a payment (i.e. paycheck) is not appropriately credited to the User's account.
Therefore, there is a need for an online product or service which enables a User to consolidate all of their different types of financial accounts into one database. This will enable the User to easily update their account with a Third Party who has automatic debiting or crediting of any one of their financial accounts.